An Icelandic bank has sold its 84% shareholding in Dublin stockbroker Merrion to another financial institution.
Icelandic investment bank Straumur-Burdaras said it would buy the majority of Landsbanki's overseas corporate finance and brokerage platforms for €380m.
Straumur said in a statement it was buying 100% of Landsbanki Securities (UK) Limited and Landsbanki Kepler, as well as Landsbanki's 84% holding in Merrion Landsbanki.
In a statement, Landsbanki said that Merrion had been a highly successful acquisition for the group and was a key attraction for Straumur in the deal.
'Merrion has continued its strong growth under Landsbanki and has performed exceptionally well in the difficult markets of the last 18 months,' the statement added.
Merrion will continue to be managed by its founder-managers.
